| 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2026-003 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易概述 作为安徽省内唯一的高速公路上市公司，安徽皖通高速公路股份有限公司 （以下简称"本公司"或"公司"）长期关注公路领域投资机会，持续通过扩大有效 投资的方式推动公司聚焦高速公路主业实现做强做优做大和可持续发展。基于对 山东高速股份有限公司（以下简称"山东高速"）发展前景的信心和价值的认可， 公司通过非公开协议转让方式受让山东高速集团有限公司（以下简称"山高集团"） 所持山东高速总股本 7%的股份，即 338,419,957 股。本公司与山高集团于 202 ...

FF301 截至月份: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 安徽皖通高速公路股份有限公司（於中華人民共和國註冊成立的股份有限公司） 本月底法定/註冊股本總額： RMB 1,708,591,889 2. 股份分類 普通股 股份類別 A 於香港聯交所上市 (註1) 否 證券代號 (如上市) 600012 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,165,600,000 RMB 1 RMB 1,165,600,000 增加 / 減少 (-) RMB 本月底結存 1,165,600,000 RMB 1 RMB 1,165,600,000 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00995 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 542,991,889 RMB 1 RMB 542,991,889 增加 / 減少 (-) RMB 本月底結存 542,991,889 RMB 1 RMB 542,991,889 股份發行人 ...

Group 1 - The railway and highway sector increased by 0.59% on January 29, with Anhui Expressway leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the railway and highway sector showed various performance, with Anhui Expressway closing at 14.47, up 2.33% [1] Group 2 - The main capital inflow in the railway and highway sector was 114 million yuan, while retail investors experienced a net outflow of 37.64 million yuan [2] - The table of capital flow indicates that major stocks like Beijing-Shanghai High-Speed Railway had a net inflow of 124 million yuan from main capital [3] - The overall trend shows that while main capital is entering the sector, retail investors are withdrawing their investments [2][3]

Investment Rating - The report maintains a "Recommend" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway sectors underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed highways down by 1.50%, railways down by 3.14%, and ports up by 2.96% [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the four weeks from December 29, 2025, to January 25, 2026, was 1.036 billion tons, up 4.3% year-on-year [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies like Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the importance of capital operations and strategic investments in the highway and port sectors to enhance overall performance [29][30].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳及陳季平；非 執行董事楊旭東及楊建國；獨立非執行董事章劍平、盧太平及趙建莉；以及職工董 事吳長明。 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号： | 临 | 2026-002 | | --- | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | | 债券代码：242468 | ...

安徽皖通高速（600012）公路(00995)发布公告，于2026年1月27日，本公司与S19联合体其他成员订立 S19合资协议，并就成立S19合资公司的相关安排达成一致。联合体向S19合资公司出资总额将达人民币 14.47亿元，其中安徽交控集团、本公司、交控工程、交控建工、交控信息产业及迅捷物流将分别出资 人民币12.3亿元、人民币1.45亿元、人民币4342万元、人民币1447万元、人民币724万元及人民币724万 元。S19合资公司注册成立后之初始注册资本为人民币2亿元。 2.工作范围：项目规划、资金筹集、前期工作、建设实施、运营管理、债务清偿及资产管理;高速公路 (含土地使用权)、高速公路配套设施及相关资料须按照特许经营权协议规定无偿移交交通相关部门。 诚如本公司日期为2026年1月13日之公告所述，S19淮南至桐城高速公路舒城至桐城段是连接S19淮南 段、合肥段及衔接合枞高速的重要通道。与S19联合体其他成员成立S19合资公司将使本公司能够参与 S19项目。通过参与S19项目，本公司将进一步拓展及提升高速公路业务布局，提升区域交通运输能 力，增强本公司整体盈利水平并强化其在区域道路网络中的竞争力。S ...

S19合资公司的宗旨及工作范围如下： 1.宗旨及业务范围：(1)S19项目的投资、建设及管理;(2)S19项目指定区域内服务设施及广告业务的运营 及管理; 智通财经APP讯，安徽皖通高速公路(00995)发布公告，于2026年1月27日，本公司与S19联合体其他成 员订立S19合资协议，并就成立S19合资公司的相关安排达成一致。联合体向S19合资公司出资总额将达 人民币14.47亿元，其中安徽交控集团、本公司、交控工程、交控建工、交控信息产业及迅捷物流将分 别出资人民币12.3亿元、人民币1.45亿元、人民币4342万元、人民币1447万元、人民币724万元及人民币 724万元。S19合资公司注册成立后之初始注册资本为人民币2亿元。 2.工作范围：项目规划、资金筹集、前期工作、建设实施、运营管理、债务清偿及资产管理;高速公路 (含土地使用权)、高速公路配套设施及相关资料须按照特许经营权协议规定无偿移交交通相关部门。 诚如本公司日期为2026年1月13日之公告所述，S19淮南至桐城高速公路舒城至桐城段是连接S19淮南 段、合肥段及衔接合枞高速的重要通道。与S19联合体其他成员成立S19合资公司将使本公司能够参与 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 關連交易 與S19聯合體其他成員成立合資公司以實施有關 S19淮南至桐城高速公路舒城至桐城段的項目 茲提述本公司日期為2026年1月13日之公告，據此，本公司宣佈：(i)本公司已 加入由安徽交控集團牽頭之S19聯合體，並與交控工程、交控建工、交控信息產 業及迅捷物流共同參與有關S19淮南至桐城高速公路舒城至桐城段特許經營者項 目之公開招投標；及(ii)S19聯合體已接獲S19項目之中標確認書。誠如2026年1 月13日之公告所披露，本公司擬與S19聯合體其他成員共同出資成立S19合資公 司，以實施S19項目。 董事會宣佈，於2026年1月27日，本公司與S19聯合體其他成員訂立S19合資協 議，並就成立S19合資公司之相關安排達成一致。聯合體向 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：安徽省舒桐高速公路有限责任公司（以下简称"项目公 司"）；S19 淮南至桐城高速公路舒城至桐城段特许经营者项目 ● 投资金额：安徽皖通高速公路股份有限公司（以下简称"公司"或"本 公司"）投入项目资本金约人民币 14,474.82 万元（含项目公司注册资本金 2,000 万元，占项目公司 10%股权）。 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号： | 临 | 2026-002 | | --- | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | | 安徽皖通高速公路股份有限公司 关于与关联人共同设立项目公司暨关联交易 进展公告 ● 本次共同投资事项构 ...

Investment Rating - The report assigns an "Overweight" rating to the highway industry [6]. Core Insights - The comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for years, with broad consensus on four key amendments. The anticipated policy optimization is expected to accelerate, with the amendment of the Highway Law serving as an important signal that could improve long-term returns in the industry [3][6]. - The demand for highway tolls is recovering, and the certainty of dividends remains prominent. The highway industry is experiencing a release of suppressed demand and expansion effects, driving significant growth in traffic volume and profitability. From the second half of 2024 to the first half of 2025, traffic volume in the highway industry is expected to remain under pressure, particularly with a year-on-year reduction in truck traffic, which contrasts with the steady growth trend in highway freight volume [6]. - The report highlights that highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth. The stability of the highway dividend policy and manageable capital expenditure pressures for expansion and reconstruction projects position the industry as a preferred choice for dividends in the transportation sector [6]. Summary by Sections Policy Revision - The "Regulations on the Management of Toll Roads" is the most important policy for the highway industry, originally enacted in 2004. It has effectively supported the rapid construction of China's highway network over the past forty years. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and accumulating debt risks [6]. - The Ministry of Transport has previously released draft amendments in 2013, 2015, and 2018, with the revision consistently appearing in annual legislative work plans. The report suggests that as a batch of highways approaches the end of their tolling period, policy optimization may accelerate [6]. - Key amendments include extending the operating period for new projects from 25 years to 30 years, allowing for extensions on reconstruction projects, introducing compensation mechanisms for reductions, and establishing a maintenance fee system based on the "user pays" principle [6]. Investment Recommendations - The report maintains an "Overweight" rating for the highway sector, suggesting that policy optimization may catalyze optimistic expectations. The industry faces reinvestment pressures due to limited operating years and ongoing business needs, making reinvestment a necessary choice. The report anticipates that policy optimization will systematically improve reinvestment risks and ensure reasonable returns on reinvestment [6]. - Recommended stocks include China Merchants Highway, Nanjing-Hangzhou Expressway, Anhui Wantuo Expressway, and Shenzhen International, with additional mentions of Sichuan Chengyu, Guangdong Expressway, Shandong Expressway, and Zhongyuan Expressway as related targets [6].